This startup just raised the biggest Series A round in UK fintech so far

Chinese technology company Beijing Kunlun just invested £22
million ($34.2 million) in peer-to-peer mortgage lender
LendInvest in the biggest Series A round so far in
British fintech.

LendInvest's mortgage marketplace matches people looking for
quick, short-term mortgage funding with people hoping to get a
better return on the money they lend. Because online lenders let
savers lend money directly, borrowers pay less interest, and
lenders get a better return.

The company was officially launched in May 2013, when it was spun
out of short-term mortgage lending business Montello. Since then,
it has financed over £300 million worth of mortgages.

Cutting out the middleman lets LendInvest give both sides a
better rate, CEO Christopher Faes told Business Insider, and
means that they can get applicants their money in just two weeks,
compared to the three months banks usually take.

He added: "LendInvest are re-thinking the whole mortgage process,
and using technology to provide an unrivalled experience for
borrowers, and a superior return for investors. Peer-to-peer is a
relatively broad church, and it has made significant inroads in
the consumer and SME lending space already, and now we're using
it to disrupt the mortgage market in the UK."

A Financial
Times report hinted that an IPO might be on the cards in
the next year. Faes told us that he can confirm the company would
like to move towards one, but an IPO is not something that's
imminent.

Chinese technology company Beijing Kunlun was listed on
the Shenzen Stock Exchange earlier this year, and was
originally backed by Sequoia Capital. The company's self-made
billionaire CEO, Yahui Zhou, will also join LendInvest’s
board of directors.

Beijing Kunlun's investment in LendInvest, however, is still
subject to regulatory approval by the Chinese government.